“Efficient financial regulation theories necessarily derive from lucid postulates about the general invariability of human nature, specifically where financial institution executives are involved (see the latest contributions from the field of evolutionary psychology). There is little chance that this will change much over the next few decades -but it is no use complaining, seeing as greed has always been (and will always be) one of the most powerful drivers of capitalist progress.”

— Éric Pichet

Quelle régulation financière pour le XXIè siècle ? http://lecercle.lesechos.fr/entreprises-marches/finance-marches/finances/221144733/quelle-regulation-financiere-xxie-siecle Article in Le Cercle Les Echos (2012): Financial Regulation Theory (2012).
Financial Institution Governance Theory

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Éric Pichet 12

economist 1960

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“Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.”

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“At this time it is difficult to put one's finger on any single contribution in the decade 1950 - 1960 which is comparable to those above, and yet progress has probably been even greater. From the point of view of an educator, one cannot overlook the wide distribution which has been given to these ideas. There has been remarkable progress from analysis to synthesis, always a sign of maturity in a field of analytic endeavour. There has been consolidation, for example in the establishment of a more rigorous basis for information theory; there has been unification, for example in the demonstration of the formal similarity between game theory and linear programming; there has been application to mathematically more difficult situations, for example nonlinear servo systems and information channels with memory; there has been implementation, as in commercially available computers which by any reasonable measure are hun- dreds of times more powerful than the primitive devices of 1950; there has been de-limitation of the boundaries of many of these fields.”

Robert E. Machol (1917–1998) American systems engineer

Source: Information and Decision Processes (1960), p. viii

“There is a problem that is specific to financial markets. In most fields of research, when someone makes an important finding, they publish it. In the case of prices, they set up a firm and sell advice about their discovery. If they can make money from it, they will. So the research into market dynamics is a closed field.”

Benoît Mandelbrot (1924–2010) Polish-born, French and American mathematician

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“A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.”

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“People are always asking for the latest developments in the unification of this theory with that theory, and they don't give us a chance to tell them anything about what we know pretty well. They always want to know the things we don't know.”

Richard Feynman book QED: The Strange Theory of Light and Matter

Source: QED: The Strange Theory of Light and Matter (1985), p. 3

“The conclusion this article reaches, based on the presented arguments, is that Evolutionary Psychology (EP) may be a contribution to psychological science at several different, important levels. First, EP allows psychologists to communicate between different areas of psychological interest, and with other branches of science relevant to psychology as a life science. Second, EP provides a well-researched, rigorously formulated theory for evaluating any other psychological theory. The theory may prevent one from suggesting abilities that could not evolve but have been suggested within almost all psychological disciplines. The versatility EP shows as a theoretical framework for disciplines as different as psychoanalysis and cognitive science, suggests that EP may succeed in integrating psychological science. It also supports the claim that EP is as theoretically valid a science as cognitive science and evolutionary biology. EP also brings to psychology the focus on a theoretically rigorous and predictive theory of Human Nature, and the functional approach, which may provide maturation from the level of mere descriptive science. At the level of generating new theories and insights about Human Nature, EP seems to have proven its worth.”

Leif Edward Ottesen Kennair (1970)

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John Stuart Mill book Autobiography

Source: Autobiography (1873)
Source: https://archive.org/details/autobiography01mill/page/162/mode/1up p. 162

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